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Crown Court I Apartments 801 10 Ave N
<br />Parcel Number: 01-0440-02710-000 Owner: Crown Court Apts, LLP
<br />Information provided above is a summary of the analysis conducted. Full analysis is provided in the Assessment Department’s work file.
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<br />Appeal of Assessment for Year: 2024
<br /> Name of Applicant: Sterling Property Management
<br />Assessed Value (2024 Tax Year) 853,200
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<br />Applicants Requested Value(s) 632,100 -25.91%
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<br />General Property Information Last Sold on (no sale recorded)
<br />Property Type Apartment
<br />Year Built 1961 66.14 / sf
<br />Building Area (sf) 11,700 72.92 / sf
<br />Apartment Units 12 71,100/ unit
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<br />Fargo Assessor Recommendation 735,000
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<br />Summary
<br /> Subject is a 12 unit apartment building built in 1961. Appellant is requesting that the true and full value be reduced to $52,675 per unit. This
<br />is a reduction of $211,100 or 25.91%. The appellant provided sales data and financial statements.
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<br />City staff examined the value with the sales comparison approach. The analysis estimated the market value to be $735,000.
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<br />City staff studied the 4 comparison properties provided by the applicant, and the current assessments of similar properties for equalization.
<br />The search parameters for uniformity included apartment properties with 8 to 18 units, and built between 1960 and 1968. This included 23
<br />such properties. The subject sits near the top of the competing property set in value per unit.
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<br /> Comparable Sales Summary
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<br />Address Property Type Units Size (SF) Year Built Sale Date Sale Price (Contract) Sale Price (Adjusted) $/Unit $/SF
<br />509 29 Ave N Apartment 12 10,908 1962 May-23 997,000 1,055,000 87,917 96.72
<br />3025 10 ST N Apartment 18 17,280 1976 Apr-23 1,000,000 1,012,500 56,250 58.59
<br />517 28 Ave N Apartment 12 10,908 1960 Mar-23 675,000 683,700 56,975 62.68
<br />2615 15 ST S Apartment 24 17,082 1975 Sept-23 1,375,000 1,376,300 57,346 80.57
<br />1402 32 ST S Apartment 18 17,748 1976 Feb-23 1,098,000 1,103,200 61,289 62.16
<br /> True & Full Value 853,200 71,100 72.92
<br />Subject Apartment 12 11,700 1961 Applicant’s Requested Value 632,100 52,675 54.03
<br /> Assessor’s Recommended Value 735,000 61,250 62.82
<br /> Competing Properties (Assessed Values) Summary
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<br /> Full Value $/Unit $/SF
<br />Maximum 1,074,900 73,978 87.86
<br />75th Percentile 862,000 60,244 62.85
<br />Median 688,400 59,188 58.79
<br />25th Percentile 489,250 54,759 57.73
<br />Minimum 473,500 45,392 49.81
<br />True & Full Value 853,200 71,100 72.92
<br />Requested Value 632,100 52,675 54.03
<br />Recommended Value 735,000 61,250 62.82
<br />Recommended Action: Reduce the 2024 True & Full Value to $735,000.
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